In an interview on The Late Show with Stephen Colbert, Reddit co-founder Alexis Ohanian said he believes cryptocurrencies can be an effective tool in protecting funds against hyperinflation.

Colbert asked Ohanian about why he would prefer cryptocurrency over regular fiat currency.

“Cryptocurrencies are a fuel for a potentially new internet,” Ohanian told Colbert. “Things like Bitcoin and cryptocurrency are opportunity for us to have a store of value that is not backed by a single country.”

“I am Armenian. There was a major actually bloodless revolution in Armenia, which was fantastic, but in so many states there is uncertainty about the government and money, and people see their life savings disappear,” Ohanian said.

The Reddit co-founder also said that – in spite of the highly volatile nature of cryptocurrencies – Bitcoin can still offer more stability than the fiat currencies of countries struggling with hyperinflation.

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